Valid break out of today trading range
will confirm next decisive beginning
after RBI Credit Policy
Nifty-Intra Day Chart Analysis &
Market Outlook(08-02-2023)
Nifty-Intra Day Chart (07-Feb-2023):-
Technical Patterns formation in today intraday charts
1- 79 Points sharp fall after positive opening
2- Selling between 17730-17785
3- Down moves in Bullish Falling Channel
4- Sharp up
5- Volatility in last hour between 17709-17778
6- Whole day actual trading between 17653-17811
Conclusions from intra day
chart analysis
Although positive opening but firstly 79 points sharp fall and after that selling between 17730-17785 therefore down moves remained continued in first 4 hours and Nifty traded 111 points down also. As lower levels consolidation was also seen through down moves in Bullish Falling Channel therefore sharp up moves developed from lower levels.
As only volatility in last hour after higher levels selling and lower levels buying therefore it will be understood that one sided technical positions could not be formed today. it is clear that Nifty will have to prepare for next decisive moves beginning and that will be done within and near about today trading range therefore firstly valid break out today trading range(17653-17811) should be watched tomorrow for next decisive beginning confirmations after RBI Credit Policy announcements at 10:00 AM tomorrow.